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Welcome to the CFPB Journal, your online publication for information about the Consumer Financial Protection Bureau.
If you work in financial services, you need CFPB Journal. Our team of seasoned reporters and editors brings you original coverage of the Bureau you won’t find anywhere else. Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Federal Reserve-housed Bureau has unprecedented authority, jurisdiction and power. Follow CFPB developments, learn how others are complying with CFPB rules, and monitor general public reaction to the Bureau by checking in often with the CFPB Journal.
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On a 28-21 vote, the House Financial Services Committee passed the Consumer Financial Protection Accountability and Reform Act in mid-September. The reform package envisions large-scale changes for the CFPB.
Core to the bill is a change in the funding approach for the bureau, shifting CFPB into the regular congressional appropriations process and ending its direct funding from the Federal Reserve.
The Senate Banking Committee voted to advance Brian Johnson’s nomination for director of the CFPB to the full Senate. Johnson is expected to be approved on a party-line vote.
Consumer Financial Protection Bureau Director-nominee Brian Johnson said the agency would fulfill its statutory obligations if he is approved to lead the bureau.
Acting Director Russell Vought sees the agency he leads as broken and in need of facing the Congressional appropriations process. Vought outlined his support for overhauling the Consumer Financial Protection Bureau’s funding from a standalone agency July 15 during an at-times intense three-hour testimony before the House Financial Services Committee. “The bureau remains structurally defective,” …
Continue reading “CFPB Acting Director calls for Congressional funding mechanism”
The Consumer Financial Protection Bureau recently overhauled its consumer complaints process to cut down on alleged abuse and to increase efficiency. Changes include: Updating the CFPB’s portal manual so consumer reporting agencies have a standardized process to address complaints. Launching two-factor authentication, requiring users to verify their email address and mobile phone number when creating …
President Donald Trump nominated financial executive Brian Johnson to be director of the Consumer Financial Protection Bureau.